As we saw from early tests, Google has officially launched Google local business ads beta. They do not seem to be called GeoAds as we thought, but rather, Google local business ads, pretty straight forward.
Google AdWords is introducing local business ads, a new ad type that allows advertisers to promote location-based products and services to interested users worldwide... Local business ads appear with an enhanced map component on Google Local and in a text-only format on Google.com and other sites in the Google network.
More information on what it is at https://adwords.google.com/select/localbusinessads.html. Here are also, two useful frequently asked questions.
Community buzz on this topic has yet to fully begin, there is currently only one thread that I have found, and it is at Search Engine Roundtable Forums.
Update: I posted a full how to with screen captures at SEW Blog.